When bitcoin was introduced in 2009 it was labeled as a Ponzi scheme by many but the value of one bitcoin has recently crossed $60000 which shows that it has the potential of becoming an alternative to the current financial system of the world. Online platforms are already accepting bitcoin using bitcoin payment API. We are going to discuss some useful information about bitcoin and why it is going to replace the financial system of the world.
Bitcoin transactions are confidential
Bitcoin transactions are confidential, it is almost impossible for someone to trace the transaction back to the person. This is the reason for the increasing use of the bitcoin and other crypto currencies. When you are using the traditional financial system of the world, all of your transactions are recorded, the banks have control over your funds, and they can freeze your account anytime. There are no such problems when you are using crypto currencies; you have complete control over your transactions and funds. There is no interference of the third parties during the transactions. Traditional banking system requires a lot of time as well for processing transactions; they have several protocols for processing a transaction. When the user is performing complicated transactions, the banks would perform a strict check on the financial history of the person before approving the transaction. Crypto currencies are using a unique eco system; the receipt for every transaction performed using crypto currency is unique. The user also has the option of placing terms for every deal, the terms are agreed between the two users, and there is no interference of the third party in it. The information between the two parties is usually exchanged on the basis of the push concept; you will provide the information of your own choice to the receiver. The financial history of the person also remains private and the identity of the person is also protected. Users are often making transactions using digital wallets as well; however, make sure that you are using the latest version of the wallet for the transaction.
The transaction fee is low compared to the traditional financial system
The transaction fee of the crypto transaction is also quite low and one of the reasons for the increasing use of the crypto currencies. When you are relying on the traditional banking system, you are charged a hefty fee for every transaction. The fee becomes a large chunk of your assets especially when you are performing multiple transactions every month. On the other hand, the crypto currency networks are compensating the miners who are verifying the transaction. Thus, the miners are given coins in the form of rewards and the users are charged a very little transaction fee.
In short, these crypto platforms are the future of the financial system of the world. Make sure that you keep the private keys secure; they are required before every bitcoin transaction. Similarly, if you are using digital wallets for the transactions, make sure that you are using the latest version of the digital wallet.
